--ABC News via AOSHQ
- Debt ceiling increase of up to $2.8 trillion
- Spending cuts of roughly $1 trillion
- Vote on the Balanced Budget Amendment
- Special committee to recommend cuts of $1.8 trillion (or whatever it takes to add up to the total of the debt ceiling increase)
- Committee must make recommendations before Thanksgiving recess
- If Congress does not approve those cuts by late December, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare.
Some reports have it that Biden was the Administration negotiator, and that Reid is in a major huff over something; maybe because this deal (as reported) looks more (R) than (D). Apparently there is NO tax-increase provision; the Committee cannot consider increases in the future, either. (That's contradicted by other reports. Frankly, I cannot imagine that there are NO tax increases allowed, which would be a total collapse for the (D) Party.)
More at HotAir
This from Vox:
...Assuming that the private sector continues its debt-deleveraging, this means that by the end of 2012, government will account for 27.8% of all debt, the federal government will account for 23.2% of it (up from 10.3% in Q2-2008), households will be at 22.4% (down from 28%) and the financial sector at 24.4% (down from 31.5%).
Ugly. There may have been a better resolution, but we'll not know.
By the way, the deal runs PAST the '12 elections, which explains its bi-partisan attractiveness.
Or if you're a cynic, the deal is attractive to the Party In Government (PIG Party.)